Connectivity between broker and trader is believed to be an emerging area in credit derivatives trading. While not every credit derivative product in the market may be ready for fully interactive trading, it may be desirable to have a flexible platform available as the market matures.
In particular, it may be desirable to have a trading platform that can adapt to the developing market practices. Additionally, it may be desirable to continuously attract traders—not only through liquidity and the hybrid model—but also by integrating into the clients' trading environment and providing services through electronic connectivity.
Other systems may be limited in their ability to capture all market data. In particular, other systems may not capture every market movement (order) and may be limited in their ability to make enhancements or to delve further into client processing, such as, for example, sales orders or trading partners lists. Moreover, other systems may lack flexibility to add new trading products, including, for example, the ability to add certain attributes or criteria. In particular, options and spreads may not be available in such systems due to additional requirements and trading complexities they may impose. Other systems may also be limited in their ability to report and print information, including, for example, intra-day bids/offers, user-generated events, credit information, user-related information, and user permissions.
Additionally, other prior systems may not promote cross-product services, and order management for these systems may be non-flexible in that they do not support “one-cancels-other”, an electronic trade confirmation, or a request for quote.